December News Bulletin

December News Bulletin

House prices in Scotland surge as southern cities hit affordability wall

The Telegraph reports; Glasgow and Edinburgh have the fastest-growing house prices of all UK cities, according to research by Hometrack. READ MORE.

Cullen Property opinion:

In Edinburgh and Glasgow affordability is less of a barrier than in London, particularly for first time buyers. The lack of new buildings and Edinburgh’s growing economy contributes to the short marketing time and the increase in property prices. This is great news if you are a landlord with property in Edinburgh as your investment property will steadily increase in capital. This steady house price growth provides another reason to face the growing competition and invest in Edinburgh property.

UK student property investment is booming

Property Reporter reports; investment in student property will reach £5.3bn by the end of 2017, up 17% increase on 2016.READ MORE.

Cullen Property opinion:
Investment in UK student property has seen a sharp increase during 2017 due to the weak pound post Brexit, the superior yields and the high occupancy rates with small to little property void periods. Edinburgh has four universities and a growing student population of over 75,000 students. Student property in Edinburgh’s prime locations are incredibly sought-after. During our ‘student season’ (January – March) we typically let a property within 4-5 days of marketing it, with an average of circa 10 - 30 students attending each property viewing. Edinburgh continues to have a very high demand from its affluent student population and remains one the UK’s leading cities for investment in the private rented student sector.

Cullen Property announce new Operations Manager

Property Reporter reports; Edinburgh-based property investment and lettings specialist Cullen Property has welcomed Tom Corps to the team as the Operations Manager. READ MORE.

Cullen Property opinion:
We recently welcomed Tom Corps to the team as our new Operations Manager. His role is to lead our Property Managers in delivering high standards of service to clients and customers, ensuring all regulatory obligations are met. Steve Coyle, our Operations Director, says: “We are delighted to welcome Tom to the team. He has been incredibly successful in his career so far and we hope to see him continue on this promising path with Cullen Property”.

Cullen Property raises over £12,000 to support Social Bite

The Edinburgh Reporter reports; Edinburgh property management team sleeps out in -6 temperatures. READ MORE.

Cullen Property opinion:
As many of you will have heard, on Saturday 9th December seven members of the Cullen Property team took part in Social Bite’s Sleep in the Park to help raise funds and awareness to help eradicate homelessness in Scotland. Thanks to your support we managed to raise over £12,000! We are the only Scottish property management and lettings company to make the top ten list of corporate fundraisers during the pre-event fund-raising campaign. On Christmas Eve, Social Bite founder Josh Littlejohn announced: “In total over £4 million was raised. The job over the next 12 months is to use this money to get a minimum of 500 people off the streets and temporary shelters into a proper home with a funded support resource – and in doing so help to restructure our response to homelessness for the long term.” Thank you again to everyone for your overwhelming amount of support.

Private Residential Tenancies: Your essential guide to the new regime

Lexology reports; Landlords letting a residential property under a new lease are now subject to a new letting regime in Scotland. READ MORE.

Cullen Property opinion:
As of 1st December 2017, Scotland introduced the new Scottish Private Residential Tenancy. The new SPRT means that there will no longer be fixed-term contracts. To end the tenancy, the tenant simply has to give 28 days’ notice by serving the landlord or letting agent with a ‘Notice to Leave.’ There are certain circumstances (18 grounds) where the landlord can end the tenancy. This is the most significant change the Scottish Private Residential sector has seen in a generation. However, at Cullen Property we are finding the new lease manageable and effective for both landlords and tenants. For further information on Scotland’s Private Residential Tenancy please click here.

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